Solegreen Negev solar field (company pic)
Israeli renewable energy firm Solegreen said that it might have to close its US subsidiary Kuubix Energy if a buyer for the American company cannot be found. Solegreen acquired Kuubix in April 2021 and has lost roughly $80 million in the two and a half years it has owned the company.
Solegreen is traded on the Tel Aviv Stock Exchange and informed the exchange of its plans. The company also told the TASE that it had as much as $52 million right down in the second quarter of 2023 of the fair value of Kuubix. Meanwhile, Solegreen’s stock has lost almost 90% of its value from the company’s one time high and is now trading in Israel with a market cap of about $86 million at the current USD to NIS exchange rate.
Kuubix is a California based solar installation company that boasts it has streamlined the solar process to make the decision process as painless as possible.
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Founded in 2021, Solegreen calls itself a cutting edge and innovative company which produces environmentally-friendly power from renewable sources of energy. The Company specializes in the set-up, development, planning, construction, financing and management of power generation facilities based on renewable energy over time. Solegreen is active in five different territories – Israel, the United States, Italy, Germany and Greece.
Solegreen CEO Dror Sharon said, “After a prolonged and intensive examination of Kuubix’s business and the company’s investment, and bearing in mind the material changes for the worse in the regulatory environment in which Kuubix operates in the US in recent months, together with the other challenges with which it is contending, Solegreen’s board of directors has decided that it would be right to part with the company’s holding in Kuubix. We are acting to exhaust efforts to sell this business no later than the end of this September, but we are also prepared for the eventuality of its closure.”
